Billionaire Steve Cohen teams up with Hard Rock for $8bn casino complex

Updated:2024-03-25 13:31    Views:113

New York Mets owner Steve Cohen is joining forces with Hard Rock International to turn his casino dream into reality. Their joint venture aims to build a $8bn casino and entertainment complex, named ‘Metropolitan Park,’ adjacent to the Citi Field baseball stadium in Queens.

The announcement of Steve Cohen's partnership with Hard Rock International comes after months of anticipation, as he competes with numerous other applicants for one of the coveted state licenses to establish a full-scale casino in downstate New York.

Metropolitan Park, the envisioned gaming complex, will encompass a 50-acre parking lot and will offer attractions. It will include 20 acres of public park space, designed by the landscape architecture firm Field Operations, who worked on projects such as Manhattan's High Line and Staten Island's Freshkills Park.

Additionally, the project features plans for athletic fields, a renovated mass-transit station and a ‘Queens food hall,’ according to a statement by a Cohen spokesperson.

One of the primary objectives of Metropolitan Park is to generate jobs, with an estimated 15,000 positions that will be created to cover both construction and permanent roles.

However,slots the proposed casino site sits on state-owned parkland, necessitating the passing of legislative bills to enable land annexation. Although a bill was introduced in the prior legislative session, it remains awaiting a vote.

Furthermore, even if legislative support is secured, the project will still need approval from a siting board composed of local elected officials from the district where the casino is to be located. Subsequently, a state gaming-location board will decide on the allocation of the three available licenses.

A study conducted by Spectrum Gaming suggests that a Queens-based casino could contribute $1.9bn in annual revenue by 2025.

While the developments in New York hold the spotlight, it is worth noting that Hard Rock International has been expanding its presence in the hospitality and gaming industry.

Hard Rock International recently revealed plans to open the Hard Rock Hotel Algarve in Portugal, a move expected to create jobs and draw visitors to the picturesque Praia do Vau.

Additionally, the construction of the first-ever Hard Rock Hotel & Casino in Canada has begun and is on track for completion by spring 2025.

In the online gaming sector, Hard Rock Digital has launched the Hard Rock Bet platform in New Jersey, offering an integrated gaming experience for online players and visitors to the Hard Rock Hotel & Casino Atlantic City's retail sportsbook.





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